david folkerts-landau of deutsche bank. in the next section we will get to his research with michael dooley and peter garber about how money ur international system, but we must speak now with david folkerts-landau of deutsche bank on these markets. there a rhyme or reason, a correlation to these markets, or can you go with the idea that it is just about brexit? there is always an underlying course that is driving this nothing is purely accidental. , andis particular case your next guest will probably have more to say about that, there is a fundamental dislike, inefficiency in the way division -- in the way decisions are being made. if you take a step back and look at the u.k., for instance, you see that we should have seen this coming a long time ago. in some sense, the benefits from globalization over the last 20 years have been enormous. we have listed 100 million-plus people out of poverty. lots of countries that were subpar have come out of poverty. but the problem is, we have not succeeded in redistributing those gains evenly, so you see there is progress emerging in the world and the u.s. and in europe and in the u.k